Estate Tax Exemption

4 replies
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My father is 95 years old. He wants to use part of the $11 million estate tax exemption and transfer $3 million to his beneficiaries this year. What IRS forms need to be filled out.

Thank you.

Anonymous_Answer

Level 15

@Alanbobb wrote:
So if my father uses $3 million of the $11 million exemption in 2020 and the estate tax exemption is reduced to $3.5 million next year, he still is entitled to $3.5 million if he passes in 2021. Is this correct?

You need to consult with a trusts and estates attorney/tax professional.

Generally, the value of the gross estate includes certain gifts made within 3 years of the decedent's death.

IRC § 2035

Bsch4477

Level 15

Gift tax form 709

https://www.irs.gov/pub/irs-pdf/f709.pdf

AlanbobbAuthor

Level 2

Thank you!

So if my father uses $3 million of the $11 million exemption in 2020 and the estate tax exemption is reduced to $3.5 million next year, he still is entitled to $3.5 million if he passes in 2021. Is this correct?

Anonymous_Answer

Level 15

@Alanbobb wrote:
So if my father uses $3 million of the $11 million exemption in 2020 and the estate tax exemption is reduced to $3.5 million next year, he still is entitled to $3.5 million if he passes in 2021. Is this correct?

You need to consult with a trusts and estates attorney/tax professional.

Generally, the value of the gross estate includes certain gifts made within 3 years of the decedent's death.

IRC § 2035